Jinwu Financial News | According to Guotai Junan Development Research Report, Li Ning (02331) Q1's omni-channel traffic grew at a low rate, in line with expectations; among them, low offline sales declined (retail orders increased, wholesale orders declined), which was weaker than the company's expectations; online traffic grew at a low level of 20-30%, better than the company's expectations.
According to the bank, for the full year of 2024, the bank maintains a double-digit forecast of the number of units in the year-on-year increase in the company's revenue and a low net interest rate. In terms of volume price, the bank expects the company's ASP to remain relatively stable in 2024, with growth mainly driven by volume growth.
The bank expects the company's net profit to be 33.8/37.5/4.14 billion yuan in 2024-2026, respectively. The PE corresponding to the current stock price is 12/11/10X, respectively, giving it an “increase in holdings” rating.